Post by Danny Angbashim (@db_angbashim)

NIGERIA POLITICAL CLASS ATM

#2

NNPC REFINERIES

The Nigerian govt has 4 refineries in Kaduna, Warri and PH(1&2) variously built between 1965 and 1989.
These refineries are run, or more appropriately, ruined, by the notoriously opaque behemoth, the NNPC. Since the advent of this 4th Republic to date the refineries have largely been moribund, no thanks to corruption, ineptitude and apparent connivance with vested interests to kill them so as to engender importation.
Despite their moribund states they have been financial sinkholes, gulping money in hard currency under different subheads devised for the purposes: turnaround maintenance (TAM), Rehabilitation or Operational Expenses.
Tracking its expenses are difficult because of its opaque nature but it's estimated that cumulatively about $7b may have been sunk into their maintenance in this Republic without any visible results. In fact the NNPC which ruins (okay, runs) them is only known for massive importation of petroleum products.
But within this same period these 'dead' entities have produced millionaires and billionaires in naira and dollars within and outside govt.

The refineries are veritable ATMs with inexhaustible supply, for the initiated of course.

NIGERIA POLITICAL CLASS ATM #2 NNPC REFINERIES The Nigerian govt has 4 refineries in Kaduna, Wa...

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AOJ: The Nigerian story is a complex one. It's a mixture of irony, reality, and tales told by an "idiot." The NNPC story and the four refineries have never made any sense to anyone, yet from the ashes of their failures and abandonment has risen a phoenix of corruption and "bastard wealth."